Team, Team, Team, Product, Market. This is the Techstars evaluation criteria. I believe in it. We aren’t alone in putting a lot of weight on team, in fact, everyone seems to say “team” when asked what can make or break a start-up. So what makes a great team? I originally created this checklist while still building businesses and used it to evaluate potential hires (with the exception of #1).
- Multiple Founders. I have built companies both on my own and with partners. Entrepreneurship is hard either way, but I can tell you from experience that having others along for the journey drastically improves your chance at success. Preferably you have complimentary skill-sets.
- Culture. No matter if you are hiring employees or investing in a company, culture matters. When you are investing in a company the culture question is actually two sided. First, is their internal company culture one that is sustainable. Second, does their culture fit the culture of the accelerator or investment fund.
- Willingness to Learn. Are the team members coach-able. If you aren’t willing to listen to advice you are destined to repeat the mistakes I, and many other entrepreneurs, have made in the past. We want to help you! Additionally, there are inevitably skill sets your small team will not have, one way to alleviate this hurdle is to be willing to learn new skills.
- Ability to Learn. You can be willing all-day long. If you don’t have the ability to learn new skills or execute on advice, it is a mute point.
- Willingness to Work Hard. Entrepreneurship is hard (have I mentioned that?). One of my wife’s favorite stories about my entrepreneurial endeavors occurred about a year into my first sizable company. After one truly grueling stretch I in all seriousness told her “this is way more work than I thought it would be.” This is part commentary on the level of cockine…I mean confidence I used to approach things with and part commentary on how much work it really takes to build something from nothing.
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